Inverness Caledonian Thistle administrators BDO have set a date for the meeting which should take the club out of administration and kick-off the new Alan Savage era.
Earlier this month, it was confirmed club consultant and former chairman Alan Savage was the preferred bidder to take over financially-troubled ICT – who secured the League One great escape on the pitch, despite a heavy points penalty, on Saturday.
Orion Group chief Savage’s offer of £800,000 is conditional on receiving 100% of shares, as well as £3.5million of debts to former Caley Thistle directors being written off and a deal for the club to acquire car parking land around Caledonian Stadium.
In the wake of Caley Jags’ third-tier survival, BDO have now confirmed they will officially propose a Company Voluntary Arrangement (CVA) to creditors on Thursday, May 22 – with their approval the final step to ending the Highlanders’ time in administration.
A BDO statement read: “The Joint Administrators were delighted to see the club secure League One safety on Saturday. This is a testament to everyone involved at the club and something all should feel very proud about.
“Now that this has been clarified, the Administrators intend to hold a meeting on Thursday 22nd May to propose a Company Voluntary Arrangement for the creditors’ consideration.
“If the CVA proposal is approved, it will allow the club to exit Administration and retain its place in League One.
“Significant progress has been made to fulfil the key conditions of the offer made by Mr Savage, namely:
- 100% of the voting shares to be transferred to his purchasing vehicle
- All loan creditors to be written off
- Agreement with Inverness Caledonian Thistle Property Company to purchase land around the stadium
“However, these conditions need to be in place prior to the meeting and we would encourage all shareholders in particular to complete and return their stock transfer forms as soon as possible.”
Reminder to rebel shareholders
BDO also reminded any potential rebels against the CVA it could result in dire consequences for Caley Thistle, including kiboshing Savage’s takeover and putting the club back on the path to liquidation.
They added: “We would remind any shareholder who may be minded not to agree to the proposal that this may result in the offer being withdrawn, the assets sold to another entity and the club – should it survive – being demoted outside of the league structure. The existing entity would then ultimately be dissolved rendering all shares redundant.”
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